Residential property market comes up for air

More strong results for auction markets after Easter break but Melbourne and Sydney slide

13 April 2021 | Dr Andrew Wilson, My Housing Market

Home auction markets resumed on Saturday following last weekend’s pause in activity for the Easter holiday break.

Clearance rates again reflected boom-time market conditions in all capitals although Melbourne and Sydney were well down on recent weekend results.

Listings numbers were predictably lower compared to the auctions conducted over Super Saturday a fortnight ago with markets distracted by school holidays. Auction numbers however remained relatively robust with vendors keen to take advantage of current strong buyer competition for available property and higher prices.      

This year’s pre-Easter weekend auction markets have delivered record results with the next two months run up to winter likely to produce similar outcomes – although Melbourne and Sydney have indicated early signs of easing.

Sydney delivers another strong auction result—but a season low 

The Sydney housing market delivered another strong result for sellers generally at the weekend on resumption from the Easter holiday break, although the clearance rate was the lowest recorded over autumn so far.

Sydney reported a clearance rate of 82.4% which was well below the 90.4% recorded a fortnight ago over Super Saturday and the lowest since the 81.1% recorded on Saturday January 30. The result was also well below the 90.1% weekend average of the past month.   

Auction numbers remained reasonably strong however with 785 listings which, although well down on the record 1227 auctioned over Super Saturday a fortnight ago, was nonetheless significantly higher than the Easter resumptions of previous years. 

Sydney recorded a median price for houses sold at auction on the weekend of $1,550,000 which was 1.4% lower than the $1,573,000 reported over Super Saturday.

The Northern Beaches was the only Sydney region to record a clearance rate above 90% at the weekend at 90.1% with the next highest the South and the Upper North Shore each at 88.9%.

The clearance rate for houses was 83.1%, with units 80.4%.

 The top reported Sydney auction sale at the weekend was a 3-bedroom house at 9 Fraser St Randwick that sold for $8,500,000.View top selling home here    9 Fraser St Randwick  

The most affordable home reported sold at auction in Sydney at the weekend was a 3 bedroom unit at 5/19 Dudley St Punchbowl that sold for $407,000.

Melbourne auction market falls to year low after Easter break 

The Melbourne weekend home auction market recorded its lowest Saturday clearance rate for the year so far following the resumption of activity from last weekend’s Easter holiday break

Melbourne reported a weekend clearance rate of 79.1% which was well below the season high of 83.7% recorded a fortnight ago over Super Saturday and the first result below 80% record this year.

905 homes were listed for auction on Saturday which was well below the 1593 auctioned over Super Saturday a fortnight ago but higher than the Easter resumptions of previous years.

Melbourne recorded a median price of $945,750 for houses sold at auction on the weekend which was 6.8% lower than the $1,015,000 recorded over Super Saturday – reflecting fewer higher-priced properties in the market.

Melbourne’s Outer East was the top performing region at the weekend with a clearance rate of 83.5% followed by the North with 82.5% and the Inner South at 82.3%.

The clearance rate for houses was 83.1%, with units 80.4%.

Melbourne’s top reported auction sale at the weekend was a four-bedroom house at 209

Brougham St Kew that sold for $2,925,000. View top selling home here 209 Brougham St Kew  

The most affordable home reported sold at auction in Melbourne at the weekend was a two-bedroom unit at 36 Valerie St Lalor that sold for $362,500.

Dr Andrew Wilson is Chief Economist of My Housing Market          

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